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EFFECT OF FRAUD MANAGEMENT ON A SURVIVAL OF A COMPANY A CASE STUDY OF FIRST BANK NIGERIA PLC, UGHELLI BRANCH
ABSTRACT
This topic is on “Effect of Fraud Management on a Survival of a Company” with special reference to First Bank Nigeria Plc. Ughelli branch.
Indeed, fraud which have been a feature of Nigeria society today has cause a lot of damages to business organization in general. The trend of bank fraud started on a small scale enterprise after the Nigeria Civil War and has since increased in geometric progression. The effect is so large that huge amount of financial los in both banks and their customers, the depletion of shareholders fund and bank capital base. Extreme embezzlement to banks funds cannot be quantified in terms of monetary. The main objectives of this project work is to look for practical ways of reducing the cases of fraud in our business most especially the banking sector. Under the research authority regard causes of fraud, types of fraud, modes of execution and recipes of the management of fraud in banks were discussed in details. The researcher presented useful recommendations which include that internal control measure should be put in place to checkmate all financial transaction concern staff and management of the organization. It also recommend on the important of accountability to the success of the business.
TABLE OF CONTENTS
Title i
Approval ii
Dedication iii
Acknowledgement iv
Abstract v
Table of content vi
CHAPTER ONE: INTRODUCTION
Background of the study 1
Statement of the problem 2
Research question 3
Objective of the study 4
Scope of the study 4
Significance of the study 6
Research Hypothesis 7
Limitation of the study 8
Definition of terms 9
CHAPTER TWO: LITERATURE REVIEW
2.1 Introduction 10
2.2 The nature of Financial Institution 10
2.3 Functions of Financial Institution 11
2.4 The Definition of Fraud 13
2.5 Types of fraud and ways of defrauding Banks 14
2.6 Cause of Bank fraud 16
2.7 Statutory law relating to fraud and financial malpractices in Banks 18
2.8 Effects of Fraud in Banks 22
2.9 Measures for controlling Fraud in Banks 24
2.10 Survival of Banks in Nigeria 29
CHAPTER THREE: RESEARCH DESIGN AND METHODOLOGY
3.1 Research Design 33
3.2 Population of the study 33
3.3 Sample Size 33
3.4 Sampling technique 33
3.5 Method of data collection 33
3.6 Area of the study 34
CHAPTER FOUR: DATA ANALYSIS AND PRESENTATION
4.1 Data Presentation and Analysis 35
4.2 Analysis of questionnaire 40
CHAPTER FIVE: FINDINGS, CONCLUSION AND RECOMMENDATION
5.1 Summary of findings 40
5.2 Conclusion 41
5.3 Recommendations 41
References 45
Appendix 46
Questionnaire 47
CHAPTER ONE
INTRODUCTION
Background of The Study
The issue of fraud in company especially the banking industry in Nigeria and indeed, all over the world is receiving more attention now than even before because of it’s effects in eroding customers confidence and partly because of the frequently and the amount involve which have serious impact on the profitability of banks in question indeed, fraud which has been a feature of Nigeria social today is endemic to the business being part of the financial system which is the fulcrum on which any economic fraud”.
The trend of bank fraud started on a small scale immediately after the Nigeria civil war and has since increased in Geometric progression. This is as a result of the oil boom expansion in the 1970s which led to the massive expansion of economic activities and consequent increase in the number of banks complied with the indigenization policy of the federal government at a time.
It has to be noted that a fraudulent act without damage or damage without fraudulent act is not actionable. But fraud is actionable if it leads to the expenses of another.
The state of condition of ours should not be allowed to go on as this may cripple very seriously into the financial system of the country. This is, if not properly addressed, the need to properly check this pervasion therefore geared this research work. Therefore, the work is based on a survival of the company without First Bank of Nigeria Plc Ughelli branch as case study.
This type of fraud, modes of execution, causes a fraud and recipes are all going to be examined.
Statement of the Problem
Banks are industries that are mainly dealing with cash and other financial instrument; therefore the degree of the fraud will be much higher than any other industry, this has exposed banks to a persistence target for fraudsters.
The effect of fraud on the survival in our banks cannot be over emphasized. The effect is so large that huge amount of financial loss of both banks and their customers, the deflation of shareholders fund and bank capital based sources of extreme embezzlement to bank cannot easily be qualified in terms of monetary.
The time, money energy and other measurable equity use to checkmate the fraudulent attitude would have been explained in improving customer’s services and also the staff of the bank, in fact all the shareholders. Very unfortunately, all these can lead to increases in running cost and major setback for the nation’s effect at promoting bank habit.
Frankly speaking, it is on read that had led to the closure of banks and financial pains in other part of the world and this may not be possible if the current trend is not checked.
The rate of occurrence has reached a dangerous height in which all shareholders find way if not eliminating it but minimizing it as a reasonable consideration. This project, by way of contribution is designed to examine the effect of fraud management on a survival of a company with First Bank Plc, Ughelli Branch as a case study.
Research Question
The work is guided by the following;
How can the problem be controlled in our bank?
What is the magnitude of fraud in the banks?
How effective are fraud control measures in our banks?
Can we ever have sufficient information to predict the occurrence of fraud?
What are the causes of fraud in bank?
What are statutory laws relating to fraud and financial malpractice in bank?
From above questions of the problems of this work there need
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